Singapore, Indonesia launch cross-border QR payment service
The Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) have freshly debuted a cross-border quick response (QR) payment linkage between the two nations.
Hanoi (VNA) - The Monetary Authority ofSingapore (MAS) and Bank Indonesia (BI) have freshly debuted a cross-borderquick response (QR) payment linkage between the two nations.
In a joint media release, the two central banks said thislinkage enables customers of participating financial institutions to makeseamless cross-border retail payments using their existing mobile bankingapplications to scan QRIS (Quick Response Code Indonesian Standard) or NETS QRcodes displayed by merchants in Indonesia and Singapore, respectively.
MAS Managing Director Ravi Menon said the linkage willpromote cross-border e-commerce activities and tourism spending acrossSingapore and Indonesia, by individuals and small businesses.
With travel rebounding in the post-pandemic period, in the first half of2023, there were 600,000 arrivals from Singapore to Indonesia, and 1.1 milliontravellers from Indonesia to Singapore, according to official statistics.
෴ BI and MAS have also signed a Letter of Intent (LOI) toestablish a local currency settlement framework, which will be operationalisedin 2024./.
Singapore and Indonesia have committed to continue work to improve connectivity between the two nations, as travel restrictions ease and economic activities on both sides resume.
Indonesian Defence Minister Prabowo Subianto on February 27 said that his country fully supports the strengthening of its close military cooperation with Singapore that has been built based on the principles of equality, mutual benefit and full respect for each country's sovereignty and territorial integrity, as well as international laws.
Singaporean Prime Minister Lee Hsien Loong on March 16 said that Singapore and Indonesia are ready to cooperate in new areas, as the two countries signed agreements on energy, sustainability, health, and human capital development.
Sembcorp Gas Pte Ltd, a subsidiary of Singapore-based energy firm Sembcorp Industries, has signed a deal to import natural gas from Medco E&P Natuna Ltd, a unit of Indonesian oil and gas company PT Medco Energi Internasional Tbk.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
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Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
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In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
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The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
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Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
Logos of the two banks (Source: mas.gov.sg) 
